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AFTER MARKET UPDATE - WEDNESDAY, SEPTEMBER 23RD, 2020
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Indices NYSE Nasdaq
DOW  -525.05 26,763.13 -1.92% Volume 1,002,648,213 +6% Volume 4,052,440,000 +16%
NASDAQ -332.11 10,631.52 -3.03% Advancers 319 11% Advancers 522 16%
S&P 500 -78.65 3,236.92 -2.37% Decliners 2,693 89% Decliners 2,780 84%
Russell 2000 -45.50 1,451.46 -3.04% 52 Wk Highs 28   52 Wk Highs 48  
S&P 600 -23.55 822.63 -2.78% 52 Wk Lows 54   52 Wk Lows 94  

TODAY'S SPECIAL NOTICE

The major indices have been under pressure and have shown worrisome action indicative of a market correction. Leadership recently has been very thin. Weakness in stocks on a case-by-case basis prompts disciplined investors to reduce market exposure and raise cash.
Today's Big Gainers
SYMNAMECLOSECHG% CHG
DQDaqo New Energy Corp.124.529.418.17%
FFHLFuwei Films (Holdings) Co. Ltd3.830.256.98%
CCCLChina Ceramics Co., Ltd.2.190.094.53%
ARCBArcBest Corp.29.970.692.36%
HBIHanesBrands, Inc.16.000.362.30%
SEDGSolarEdge Technologies, Inc.189.444.242.29%
LMNXLuminex Corp.25.110.532.16%
NARIInari Medical Inc.65.411.382.16%
CHGGChegg, Inc.69.951.462.13%
ILMNIllumina, Inc.273.004.491.67%




Breadth Negative as Major Indices Fall With Higher Volume

The Dow lost 525 points, while the S&P 500 declined 2.4%. The Nasdaq Composite slipped 3.0%. The reported volume totals were higher than the prior session totals on the NYSE and on the Nasdaq exchange, revealing greater institutional selling pressure. Decliners led advancers by more than an 8-1 margin on the NYSE and by more than 5-1 on the Nasdaq exchange. There were 12 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 8 on the prior session. New 52-week lows outnumbered new highs on the NYSE and on the Nasdaq exchange. The major indices have been showing action indicative of a market correction (M criteria). In weak markets it is considered critical to reduce exposure and sell faltering stocks on a case-by-case basis.

Chart courtesy of www.stockcharts.com
PICTURED: The S&P 500 Index slumped to a lower close below its 50-day moving average (DMA) line after damaging volume-driven losses.

Stocks finished broadly lower Wednesday as investors digested Federal Reserve commentary, while the sell-off in Tech shares resumed. Fed Chair Jerome Powell and other central bank leaders reiterated their belief that further fiscal stimulus from Congress would likely be warranted to support an economic recovery. On Capitol Hill, however, negotiations surrounding another round of relief remain at a stalemate, with expectations for a near-term deal waning as lawmakers have pivoted their focus to filling the late-Justice Ruth Bader Ginsberg’s Supreme Court seat. 

On the data front, a preliminary update from research firm IHS Markit showed the pace of U.S. business activity slowed slightly in September. Treasuries fluctuated with the yield on the 10-year note unchanged at 0.67%. In commodities, WTI crude dipped 0.6% to $39.58/barrel after official government data revealed a smaller-than-forecasted drawdown in weekly U.S. crude stockpiles. Meanwhile, COMEX gold dropped 2.3% to $1,854.60/ounce, falling to a two-month low amid a stronger U.S. dollar.

All 11 S&P 500 sectors ended the day in negative territory, with Energy and Tech shares leading the decline. In earnings, Nike (NKE +8.76%) gapped up for a new high after more than doubling consensus profit estimates and widely surpassing revenue forecasts as online sales spiked 82%. Johnson & Johnson (JNJ +0.16%) after its COVID-19 vaccine candidate became the fourth U.S. company to enter late-stage trials and the first to potentially offer protection with a single shot. In other corporate news, U.S. mega-cap companies came under pressure as Amazon (AMZN -4.13%) and Apple (AAPL -4.19%) both lost more than 4.0%.

Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.

Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities.


Retail, Financial, Tech, and Commodity-Linked Groups Fell

The tech sector saw unanimous losses from the Networking Index ($NWX -3.12%), Semiconductor Index ($SOX -2.49%), and the Biotech Index ($BTK -1.19%).  The Retail Index ($RLX -3.22%) and financial indexes weighed on the major indices as the Broker/Dealer Index ($XBD -2.70%) and Bank Index ($BKX -2.43%) each lost ground. Commodity-linked groups were standout decliners as the Oil Services Index ($OSX -6.30%), Integrated Oil Index ($XOI -4.50%), and Gold & Silver Index ($XAU -6.77%) each suffered a large loss. 

 
Chart courtesy of www.stockcharts.com


PICTURED: The Bank Index ($BKX -2.43%) is slumping below its 50-day moving average (DMA) toward prior lows.

Industry Index Symbol Close Change % Change YTD % Change
Oil Services $OSX  29.52 -1.99 -6.30% -62.30%
Integrated Oil $XOI  612.20 -28.81 -4.50% -51.82%
Semiconductor $SOX  2,125.87 -54.39 -2.49% +14.94%
Networking $NWX  519.32 -16.72 -3.12% -10.98%
Broker/Dealer $XBD  267.46 -7.43 -2.70% -7.89%
Retail $RLX  3,260.09 -108.49 -3.22% +33.10%
Gold & Silver $XAU  135.68 -9.86 -6.77% +26.90%
Bank $BKX  69.87 -1.74 -2.43% -38.36%
Biotech $BTK  5,217.26 -62.72 -1.19% +2.96%


Light Volume Loss Falling Near 50-Day Moving Average Line Again

Adobe Inc (ADBE -$16.39 or -3.37% to $470.39) slumped toward its 50-day moving average (DMA) line ($466) with today's loss on below average volume.  It was last shown in this FSU section on 9/10/20 with an annotated graph under the headline, "Adobe Found Support Following Recent Breakout" after highlighted in yellow in the earlier mid-day report (read here). It was noted that after finding support at its 10 week-moving average (WMA). A valid secondary buy point exists up to 5% above the latest high. Disciplined investors always limit losses by selling any stock that falls more than 7-8% from their purchase price.

This well-known Computer Software - Desktop firm reported Aug '20 quarterly earnings +25% on +14% sales revenues versus the year ago period, which marked its 4th consecutive quarterly earnings increase above the +25% minimum guideline (C criteria). Annual earnings history (A criteria) has been strong and steady.

It has a large supply of 479.7 million shares outstanding (S criteria) which makes it a less likely sprinter. However, the number of top-rated funds owning its shares rose from 3,285 in Sep '19 to 3,857 in Jun '20, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 0.9 is an unbiased indication its shares have been under slight accumulation over the past 50 days. It has an A Timeliness Rating and a B Sponsorship rating, however, its Accumulation/Distribution rating is currently a D.


Chart courtesy of www.stockcharts.com

Color Codes Explained :
Y - Better candidates highlighted by our staff of experts.
G - Previously featured in past reports as yellow but may no longer be buyable under the guidelines.

***Last / Change / Volume data in this table is the closing quote data***
Symbol/Exchange
Company Name
Industry Group
PRICE CHANGE
(%Change)
Day High Volume
(% DAV)
(% 50 day avg vol)
52 Wk Hi
% From Hi
Featured
Date
Price
Featured
Pivot Featured
Max Buy
StockCharts.com Latest Chart for ADBE ADBE - NASDAQ
Adobe Inc
COMPUTER SOFTWARE and SERVICES - Application Software  
$470.39 -16.39
-3.37%

$488.00

2,555,592
82.15% of 50 DAV
50 DAV is 3,111,000
$536.88
-12.38%
9/10/2020 $488.46 PP = $536.88
MB = $563.72
Most Recent Note - 9/23/2020 5:36:36 PM
G - Fell back toward its 50 DMA line ($466) with today's loss on below average volume. Disciplined investors always limit losses by selling any stock that falls more than 7-8% from their purchase price. Reported Aug '20 quarterly earnings +25% on +14% sales revenues versus the year ago period. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Light Volume Loss Falling Near 50-Day Moving Average Line Again - 9/23/2020
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 
StockCharts.com Latest Chart for CRL CRL - NYSE
Charles River Labs Intl
DRUGS - Biotechnology  
$212.55 -4.78
-2.20%

$218.81

246,490
73.36% of 50 DAV
50 DAV is 336,000
$228.86
-7.13%
7/15/2020 $192.66 PP = $189.95
MB = $199.45
Most Recent Note - 9/23/2020 5:50:43 PM
G - Pulled back for a 3rd consecutive loss today with below average volume. Promptly fell from a new high and back below prior highs in the $221 area, retesting its 50 DMA line ($210.91) which recently acted as support. More damaging losses would raise greater concerns and trigger a technical sell signal. Raised fundamental concerns when it recently reported Jun '20 quarterly earnings -3% on +4% sales revenues, below the +25% minimum guideline (C criteria).
>>> FEATURED STOCK ARTICLE : Found Prompt Support at 50-Day Moving Average Line - 9/11/2020
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 
StockCharts.com Latest Chart for AMD AMD - NASDAQ
Advanced Micro Devices
ELECTRONICS - Semiconductor - Broad Line  
$74.73 -2.97
-3.82%

$77.91

42,104,965
64.32% of 50 DAV
50 DAV is 65,459,000
$94.28
-20.74%
8/31/2020 $90.42 PP = $87.39
MB = $91.76
Most Recent Note - 9/23/2020 5:47:50 PM
G - Slumped below its 50 DMA line ($77.38) with today's loss on lighter volume. More damaging losses below the recent low ($73.85 on 9/18/20) would raise greater concerns and trigger a more worrisome technical sell signal. Faces near-term resistance due to overhead supply up to the $94 level. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Found Support Above 50 DMA Line After Negating Recent Breakout - 9/15/2020
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 
StockCharts.com Latest Chart for TREX TREX - NYSE
Trex Company Inc
MATERIALS and CONSTRUCTION - General Building Materials  
$67.04 -1.20
-1.76%

$69.23

882,523
82.71% of 50 DAV
50 DAV is 1,067,000
$78.32
-14.40%
6/26/2020 $54.53 PP = $66.47
MB = $69.79
Most Recent Note - 9/23/2020 5:52:26 PM
G - Reversed into the red after earlier gains today and closed near the session low. A rebound above its 50 DMA line ($70.18) is needed for its outlook to improve. More damaging losses would raise greater concerns. Do not be confused by the 2:1 share split effective 9/15/20 (Featured Price, Pivot Point, and Max Buy prices have been adjusted accordingly). Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Slumped Below 50-Day Average With Loss on Light Volume - 9/17/2020
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 
StockCharts.com Latest Chart for NFLX NFLX - NASDAQ
Netflix Inc
SPECIALTY RETAIL - Music and Video Stores  
$470.61 -20.56
-4.19%

$491.04

3,700,840
51.12% of 50 DAV
50 DAV is 7,240,000
$575.37
-18.21%
9/1/2020 $547.45 PP = $575.47
MB = $604.24
Most Recent Note - 9/23/2020 5:43:42 PM
G - Met resistance when rebounding toward its 50 DMA line ($497) and slumped again with light volume behind today's loss. The recent low ($458.60 on 9/18/20) defines important near term support where any further deterioration would raise more serious concerns. Subsequent gains back above the 50 DMA line are needed for its outlook to improve.
>>> FEATURED STOCK ARTICLE : Met Resistance at 50 DMA Line and Reversed Today - 9/16/2020
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 
Symbol/Exchange
Company Name
Industry Group
PRICE CHANGE
(%Change)
Day High Volume
(% DAV)
(% 50 day avg vol)
52 Wk Hi
% From Hi
Featured
Date
Price
Featured
Pivot Featured
Max Buy
StockCharts.com Latest Chart for LGIH LGIH - NASDAQ
L G I Homes Inc
Bldg-Resident/Comml  
$105.30 -7.20
-6.40%

$113.01

193,399
63.00% of 50 DAV
50 DAV is 307,000
$123.94
-15.04%
7/7/2020 $99.19 PP = $95.82
MB = $100.61
Most Recent Note - 9/23/2020 5:40:34 PM
G - Met resistance at its 50 DMA line ($112.91) and slumped today with a loss on lighter volume. More damaging losses below the latest low ($101.30 on 9/21/20) would raise greater concerns and trigger a worrisome technical sell signal. Reported Jun '20 quarterly earnings +21% on +4% sales revenues, breaking a streak of 4 comparisons above the +25% minimum guideline (C criteria).
>>> FEATURED STOCK ARTICLE : Violation of 50-Day Average on Volume Triggered Technical Sell Signal - 9/18/2020
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 
StockCharts.com Latest Chart for NOW NOW - NYSE
Servicenow Inc
Computer Sftwr-Enterprse  
$460.47 -10.10
-2.15%

$473.32

825,305
49.01% of 50 DAV
50 DAV is 1,684,000
$501.82
-8.24%
8/20/2020 $453.34 PP = $454.79
MB = $477.53
Most Recent Note - 9/23/2020 5:45:07 PM
Y - Volume totals have been cooling while still showing resilience and finding support above its 50 DMA line ($448). Fundamentals remain strong. More damaging losses below the 50 DMA line and prior low ($432.85 on 9/08/20) may raise concerns and trigger a technical sell signal.
>>> FEATURED STOCK ARTICLE : Tested Support at 50-Day Moving Average Line - 9/14/2020
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 

THESE ARE NOT BUY RECOMMENDATIONS!  Comments contained in the body of this report are technical opinions only. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. This site is not an investment advisor, hence it does not endorse or recommend any securities or other investments. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. All trademarks, service marks and trade names appearing in this report are the property of their respective owners, and are likewise used for identification purposes only.

This report is a service available only to active Paid Premium Members. You may opt-out of receiving report notifications at any time.  Questions or comments may be submitted by writing to Premium Membership Services 665 S.E. 10 Street, Suite 201 Deerfield Beach, FL 33441-5634 or by calling 1-800-965-8307 or 954-785-1121.

Kenneth J. Gruneisen founded Gruneisen Growth Corp. (2003), which prior to May 11, 2015, operated CANSLIM.net and CANSLIM.com both under license from Data Analysis Inc. / Investor's Business Daily. Kenneth has passed the CAN SLIM® Master's Exam. Gruneisen Growth Corp. now continues over two decades of fact based market analysis via FactBasedInvesting.com.

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